Florida - National Council on Compensation Insurance (NCCI)

[Pages:85]Florida

December 5, 2018

Dawn_Ingham@ 561-893-3165 Jay_Rosen@ 561-893-3062

? Copyright 2018 National Council on Compensation Insurance, Inc. All Rights Reserved.

Florida State Advisory Forum

The Future@Work? Video Countrywide Workers Compensation System Florida's Workers Compensation System Guest Speaker--Andrew Sabolic, Assistant Director,

Florida Division of Workers' Compensation

Kids' Chance of Florida Countrywide and Florida Labor Markets The Data Connection Video Legislative Issues Opioids and Workers Compensation

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The Future@Work? Video

? Copyright 2018 National Council on Compensation Insurance, Inc. All Rights Reserved.

Countrywide Workers Compensation System

? Copyright 2018 National Council on Compensation Insurance, Inc. All Rights Reserved.

Countrywide Workers Compensation (WC)-- An Overview

Premium decreased slightly in the most recent year The combined ratio continues to show favorable results Frequency declined again at the latest point

Medical and indemnity severity increased modestly

? Copyright 2018 National Council on Compensation Insurance, Inc. All Rights Reserved.

5

WC Net Written Premium

Private Carriers and State Funds

$ Billions

50

47.8

State Funds

40

Private Carriers

30

20

37.8

10

45.6 45.0 40.1 39.8

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 Calendar Year

Source: NAIC's Annual Statement data; includes state insurance fund data for the following states: AZ, CA, CO, HI, ID, KY, LA, MD, MO, MT, NM, OK, OR, RI, TX, and UT Each calendar year total for state funds includes all funds operating as a state fund in that year

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6

WC Direct Written Premium (DWP) Change by Component

Private Carriers--NCCI States

Change in Direct Written Premium: 0.0%

2017 vs. 2016

Payroll

Loss Cost and Mix -4.2%

Carrier Discounting Other Factors

-0.4%

+0.4%

+4.4%

Sources: DWP Change: NAIC's Annual Statement Statutory Page 14 for all states where NCCI provides ratemaking services Components: NCCI's Policy data

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7

Increases in Payroll Continue to Drive Changes in Premium

Forecast Change 2016?2017

Payroll

Wage Rate

+3.4%

Employment

+1.6%

4% 3% 2% 1%

+1.8%

4% 3% 2% 1%

Prof. & Trade, Education Manufac- Financial Construc- Leisure & All Other Business Transport., & Health turing Activities tion Hospitality Services & Utilities Services

Prof. & Trade, Education Manufac- Financial Construc- Leisure & All Other Business Transport., & Health turing Activities tion Hospitality Services & Utilities Services

Sources: Moody's Analytics and NCCI

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